Key indices are trading higher in early trade on positive Asian stocks. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 150.31 points or 0.37% at 41,314.07. The Nifty 50 index was up 44.45 points or 0.37% at 12,171.
The S&P BSE Mid-Cap index was up 0.43%. The S&P BSE Small-Cap index was up 0.23%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 240 shares rose and 86 shares fell. A total of 24 shares were unchanged.
Among stocks, Gujarat Gas rose 2.92%. Gujarat Gas (GGL) said CRISIL has upgraded long term rating on company's bank loan facilities of Rs 2,350 crore to AA+/Stable from AA/Positive. The upgrade reflects CRISIL's expectations of an improvement in GGL's credit profile over the medium term. Sustainable improvement in cash accruals is expected to improve GGL's financial risk profile notwithstanding the sizeable capital expenditure programme.
Hindustan Aeronautics fell 1.46%. Hindustan Aeronautics said CARE Rating has downgraded its rating on the bank facilities of the company worth Rs 7300 crore to AA+ from AAA.
H.G. Infra Engineering jumped 4.66%. H.G. Infra Engineering said it has been declared L-1 bidder by the National Highways Authority of India for the construction of proposed Rewari Bypass (NH-1) as Feeder Route in Rewari district in the state of Haryana (Design length - 14.40 km) on Hybrid Annuity Mode amounting to Rs 522.02 crore.
Allahabad Bank soared 7.38%. Allahabad Bank said that the Government of India has released fresh capital infusion Rs 2,153 crore towards contribution of the Central Government in the preferential allotment of equity shares (Special Securities/Bonds) of the bank during the financial year 2019-20, as Government's investment.
Punjab National Bank was up 1.59%. Punjab National Bank said the bank has issued and allotted Rs 1500 crore Tier-II (Basel III Compliant) Capital Bonds at a coupon of 8.15% p.a. on private placement basis.
Overseas, Asian markets were trading higher as investor optimism was boosted by hopes that US-China trade deal would soon be signed.
In US, stocks powered higher again on Thursday, helped by reports of record year-end retail sales.
Traders returned from their Christmas and Boxing Day break to digest reports from Beijing that it was in close contact with Washington about an initial trade agreement, shortly after US President Donald Trump reportedly talked about signing ceremony for the recently struck Phase 1 trade deal.
On economic front, the number of people filing for US unemployment benefits slid for a second straight week.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
